Business news briefs, May 22, 2020: Goodyear sets price for senior note offering – Business – Akron Beacon Journal

RUBBER

Goodyear sets price

for senior note offering

The Goodyear Tire & Rubber Company on Wednesday announced that it has priced its offering of an additional $200 million aggregate principal amount of its 9.5% unsecured senior notes due May 31, 2025.

The notes will be offered to the public at a price of 101.75% of their principal amount, plus accrued and unpaid interest from May 18, 2020. Goodyear expects the offering to close Friday, the company said in a news release.

Goodyear said it intends to use the net proceeds from the offering and another previously completed issuance $600 million of 9.500% senior notes due in 2025 for general corporate purposes.

RETAIL

Former owner reaches

deal for Levin Furniture

The former owner of Levin Furniture has reached an agreement to buy back his family business out of bankruptcy from Art Van Furniture.

Robert Levin on Tuesday said the company will reopen select stores in Pennsylvania and Ohio if the deal is approved by bankruptcy court in the next two weeks. Stores could reopen as early as this summer, he said.

Levin, who bid $25.7 million bid to reacquire the company, will serve as chairman of the board, and Erie-based furniture executives Matt Schultz and John Schultz will serve as co-CEOs.

Art Van unexpectedly closed all 44 of its Levin and Wolf Furniture stores in March, citing lost business due to the COVID-19 pandemic.

UTILITIES

Columbia Gas bringing

former president back

Vince Parisi will rejoin Columbia Gas of Ohio on June 8 as president and chief operating officer. He replaces Dan Creekmur, who has been named senior vice president and president of NiSource Inc., the utility’s parent company.

Parisi will oversee operations, construction, risk management, regulatory, legislative and external strategies gas service to 1.4 million customers across the company’s 61-county service territory.

Parisi rejoins Columbia Gas after serving as president and CEO of Dayton Power & Light and Indianapolis Power & Light for the past year.

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